Gold Dives on Strong US Data, Silver Soars
Gold prices declined on Thursday as unexpectedly robust labor-market and regional factory figures eroded a portion of the previous session's Treasury-fueled advance in precious metals. At the time of writing, gold was hovering near $4,454.70 per ounce, off 1.51%, while silver was around $66.67, up 4.87% on the day.
The Philadelphia Fed's manufacturing gauge jumped to 47.4 in August from 41.4 in July, far surpassing the 24.1 estimate and echoing Monday's Empire State report that regional factory activity is not deteriorating.
Those figures added headwinds to the declining-yield trade that had carried gold above $4,500 on Wednesday. Meanwhile, minutes from the Federal Reserve indicated several policymakers were ready to increase borrowing costs if inflation does not moderate.